[vc_row][vc_column box=”true” bgcolor=”#ffffff”][heading text=”General Questions” tag=”h1″ bot=”30px”][vc_tta_accordion color=”white” active_section=”1″ collapsible_all=”true” css=”.vc_custom_1482227862191{margin-bottom: 20px !important;}”][vc_tta_section title=”What’s the difference between a fixed-rate and a variable-rate mortgage?” tab_id=”1482227556236-93210f6b-4694″][vc_column_text css=”.vc_custom_1727193985310{margin-bottom: 0px !important;}”]A fixed-rate mortgage has an interest rate that remains the same throughout the term, keeping your payments consistent. A variable-rate mortgage fluctuates based on the prime rate, meaning your payments can change.[/vc_column_text][/vc_tta_section][vc_tta_section title=”What is mortgage pre-approval and why is it important?” tab_id=”1482227556269-8e604c25-4720″][vc_column_text css=”.vc_custom_1727194006528{margin-bottom: 0px !important;}”]Pre-approval is when a lender evaluates your financial situation and gives you an estimate of how much you can borrow. It helps you understand your budget and strengthens your position when making offers on a home.[/vc_column_text][/vc_tta_section][vc_tta_section title=”How much should I expect to pay in closing costs?” tab_id=”1482227640472-2c115c9c-a06c”][vc_column_text css=”.vc_custom_1727194069868{margin-bottom: 0px !important;}”]In Canada, closing costs generally range between 1.5% and 4% of the home’s purchase price. These include legal fees, land transfer taxes, home inspections, and other expenses.[/vc_column_text][/vc_tta_section][vc_tta_section title=”What happens if I miss a mortgage payment?” tab_id=”1482227667835-d817629f-6a40″][vc_column_text css=”.vc_custom_1727194091369{margin-bottom: 0px !important;}”]Missing a mortgage payment can negatively affect your credit score. It’s important to contact your lender immediately—they may offer a solution such as a payment deferral or a new payment plan.[/vc_column_text][/vc_tta_section][/vc_tta_accordion][vc_empty_space height=”60px”][heading text=”For New Home Buyers” tag=”h1″ bot=”30px”][vc_tta_accordion color=”white” active_section=”” collapsible_all=”true” css=”.vc_custom_1483582640702{margin-bottom: 20px !important;}”][vc_tta_section title=”How much of a down payment do I need to buy a home?” tab_id=”1482227864621-3bf87fb2-85ac”][vc_column_text css=”.vc_custom_1727194961621{margin-bottom: 0px !important;}”]In Canada, the minimum down payment depends on the home’s price. Homes under $500,000 require at least a 5% down payment, while homes between $500,000 and $999,999 require 5% on the first $500,000 and 10% on the rest. For homes over $1 million, a 20% down payment is required.[/vc_column_text][/vc_tta_section][vc_tta_section title=”Can I use my RRSP for a down payment?” tab_id=”1482227864678-0d53ba28-f013″][vc_column_text css=”.vc_custom_1727194987286{margin-bottom: 0px !important;}”]Yes, through the Home Buyers’ Plan (HBP), you can withdraw up to $35,000 from your RRSP tax-free to put toward the purchase of your first home.[/vc_column_text][/vc_tta_section][vc_tta_section title=”How long does it take to get approved for a mortgage?” tab_id=”1482227864725-d2626c50-2a77″][vc_column_text css=”.vc_custom_1727195055290{margin-bottom: 0px !important;}”]A mortgage approval can take anywhere from a few days to a couple of weeks, depending on your financial situation and how quickly you can provide the necessary documents.[/vc_column_text][/vc_tta_section][vc_tta_section title=”What other costs should I be prepared for as a new home buyer?” tab_id=”1482227864762-00165f2d-0c2e”][vc_column_text css=”.vc_custom_1727195077094{margin-bottom: 0px !important;}”]Aside from your down payment, be prepared for additional costs like home inspections, land transfer taxes, moving expenses, and legal fees, which together make up the closing costs.[/vc_column_text][/vc_tta_section][/vc_tta_accordion][vc_empty_space height=”60px”][heading text=”For Renewing a Mortgage” tag=”h1″ bot=”30px”][vc_tta_accordion color=”white” active_section=”” collapsible_all=”true” css=”.vc_custom_1483582676010{margin-bottom: 20px !important;}”][vc_tta_section title=”When should I start thinking about renewing my mortgage?” tab_id=”1482228038335-17098e93-9dd9″][vc_column_text css=”.vc_custom_1727195161861{margin-bottom: 0px !important;}”]It’s best to start exploring renewal options about four to six months before your mortgage term ends. This gives you time to compare rates and terms from different lenders.[/vc_column_text][/vc_tta_section][vc_tta_section title=”Can I negotiate my mortgage terms during renewal?” tab_id=”1482228038386-b8d5f09c-3612″][vc_column_text css=”.vc_custom_1727195205500{margin-bottom: 0px !important;}”]Yes! Renewal is a great time to negotiate for better rates or change your mortgage terms, such as your payment frequency or amortization period.[/vc_column_text][/vc_tta_section][vc_tta_section title=”Can I switch lenders when renewing my mortgage?” tab_id=”1482228038437-8c6864e7-31c8″][vc_column_text css=”.vc_custom_1727195223654{margin-bottom: 0px !important;}”]Yes, you can switch lenders at the time of renewal without penalties, as long as your mortgage is up for renewal. Be sure to compare rates and terms across lenders.[/vc_column_text][/vc_tta_section][vc_tta_section title=”What happens if I don’t renew my mortgage before the term ends?” tab_id=”1482228038487-266cd50b-868a”][vc_column_text css=”.vc_custom_1727195245956{margin-bottom: 0px !important;}”]If you don’t renew your mortgage by the term’s end, your lender may automatically renew it at a higher interest rate. It’s important to review and negotiate your terms ahead of time.[/vc_column_text][/vc_tta_section][/vc_tta_accordion][vc_empty_space height=”60px”][heading text=”For Refinancing a Mortgage” tag=”h1″ bot=”30px”][vc_tta_accordion color=”white” active_section=”” collapsible_all=”true” css=”.vc_custom_1483582708984{margin-bottom: 20px !important;}”][vc_tta_section title=”What does it mean to refinance a mortgage?” tab_id=”1482228151525-81ac7dae-70f3″][vc_column_text css=”.vc_custom_1727195486841{margin-bottom: 0px !important;}”]Refinancing means replacing your existing mortgage with a new one, usually to get a lower interest rate, access home equity, or change your mortgage terms.[/vc_column_text][/vc_tta_section][vc_tta_section title=”Can I refinance my mortgage to access home equity?” tab_id=”1482228151582-e46d2b36-89c2″][vc_column_text css=”.vc_custom_1727195515708{margin-bottom: 0px !important;}”]Yes, refinancing allows you to access up to 80% of your home’s appraised value, minus the remaining balance on your mortgage. This equity can be used for things like renovations, debt consolidation, or investments.[/vc_column_text][/vc_tta_section][vc_tta_section title=”Are there costs involved in refinancing my mortgage?” tab_id=”1482228151634-3a6c50c6-3b81″][vc_column_text css=”.vc_custom_1727195536265{margin-bottom: 0px !important;}”]Yes, refinancing can include fees like legal costs, an appraisal fee, and, if applicable, a prepayment penalty for breaking your current mortgage early.[/vc_column_text][/vc_tta_section][vc_tta_section title=”What are the benefits of refinancing a mortgage?” tab_id=”1727195548951-81b033fc-c0d7″][vc_column_text css=”.vc_custom_1727195570724{margin-bottom: 0px !important;}”]Refinancing can lower your monthly payments, allow you to consolidate debt, help you access your home equity, and even shorten your amortization period to pay off your home faster.[/vc_column_text][/vc_tta_section][/vc_tta_accordion][vc_empty_space height=”60px”][heading text=”For Home Equity Loan” tag=”h1″ bot=”30px”][vc_tta_accordion color=”white” active_section=”” collapsible_all=”true” css=”.vc_custom_1483582748630{margin-bottom: 20px !important;}”][vc_tta_section title=”What is a home equity loan, and how does it work?” tab_id=”1482228249935-640d5b73-b617″][vc_column_text css=”.vc_custom_1727195682183{margin-bottom: 0px !important;}”]A home equity loan allows you to borrow money based on the equity in your home. You receive the loan as a lump sum and repay it with interest over a fixed term.[/vc_column_text][/vc_tta_section][vc_tta_section title=”How much can I borrow with a home equity loan?” tab_id=”1482228249993-51afebd9-1f29″][vc_column_text css=”.vc_custom_1727195701286{margin-bottom: 0px !important;}”]In Canada, you can generally borrow up to 80% of your home’s appraised value, minus what you still owe on your mortgage.[/vc_column_text][/vc_tta_section][vc_tta_section title=”Can I use a home equity loan for anything I want?” tab_id=”1482228250054-c29729b9-e59c”][vc_column_text css=”.vc_custom_1727195718521{margin-bottom: 0px !important;}”]Yes, home equity loans can be used for various purposes, such as home renovations, paying for education, debt consolidation, or even buying a second property.[/vc_column_text][/vc_tta_section][vc_tta_section title=”What’s the difference between a home equity loan and a HELOC?” tab_id=”1727195721638-0acb00ab-0b49″][vc_column_text css=”.vc_custom_1727195739816{margin-bottom: 0px !important;}”]A home equity loan provides a lump sum with a fixed interest rate, while a Home Equity Line of Credit (HELOC) allows you to borrow funds as needed, with a variable interest rate. With a HELOC, you only pay interest on the amount you withdraw.[/vc_column_text][/vc_tta_section][/vc_tta_accordion][/vc_column][/vc_row]